A novel LNG cryogenic energy utilization process to recovery natural gas liquids from oil field associated gas is proposed. The proposed process uses the cryogenic energy of LNG and saves 62.6% of electricity, which is compared to the current electric refrigeration process. The proposed process recovers ethane, liquid petroleum gas (propane and butane) and heavier hydrocarbons, with total recovery rate of natural gas liquids up to 96.8%. Exergy analysis method is used to assess the new process. The results show that exergy efficiency of the new process is 44.3%, and compared to the current electric refrigeration process, exergy efficiency of the new process is improved by 16%. The proposed process has been applied in a conceptual design scheme of the cryogenic energy utilization and implemented for a 300 million tons/yr LNG receiving terminal in a northern Chinese harbor.